How can you tell that this firm is in a competitive industry

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Reference no: EM131072367

Consider the data in the table below. TC is total cost, T R is total revenue, and Q is output.

(a) Add some extra rows to the table below and for each level of output calculate the MR, the MC and total profit.

(b) Next, compute AFC, AVC, and ATC for each output level, and draw these three cost curves on a diagram.

(d) How can you tell that this firm is in a competitive industry?

Reference no: EM131072367

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